The Social Security, Occupational Pension Schemes and Statutory Payments (Consequential Provisions) Regulations 2007

Amendment of the Occupational Pension Schemes (Contracting-out) Regulations 1996

3.—(1) The Occupational Pension Schemes (Contracting-out) Regulations 1996(1) are amended as follows.

(2) In regulation 1(2)—

(a) in the definition of “earnings period” for “1979” substitute “2001”;

(b) in the definition of “emoluments” for “the Contributions and Benefits Act” substitute “Parts 1 to 5 of the Contributions and Benefits Act, including any amount retrospectively treated as earnings (“retrospective earnings”) by retrospective contributions regulations;”;

(c) add at the appropriate place the following definition—

““retrospective contributions regulations” means regulations made by virtue of section 4B(2) of the Contributions and Benefits Act and, in relation to an amount of retrospective earnings, “the relevant retrospective contributions regulations” means the regulations which treated that amount as earnings;”.

(3) In regulation 31 after paragraph (5) insert—

“(5A) In the case of retrospective earnings (see the definition of “emoluments”) the employer may recover the minimum payments relating to those earnings from any payment of emoluments to that earner made after the relevant retrospective contributions regulations come into force and during the same tax year.

(5B) Any amount deducted under paragraphs (5) and (5A) may be in addition to, but shall not exceed, any amount deducted from the same payment of emoluments under paragraphs (3) or (4).”

(4) In regulation 32 after paragraph (1) insert—

“(1A) In the case of retrospective earnings, the employer shall make to the trustees of the scheme any additional minimum payments which fall to be made by him, within 14 days of the end of the income tax month in which the relevant retrospective contributions regulations come into force.”

(1)

S.I. 1996/1172.